Good Reads. ‘The Woman Who Brought Down Lehman, Or So You Were Told.’

Jamila Davis Lehman Brothers

Is Jamila Davis really a financial criminal mastermind? Or just a convenient fall gal?

On July 16, 2008, just weeks before Lehman Brothers collapsed, then U.S. Attorney Chris Christie (Now NJ Governor and Presidential hopeful) announced in a press release “long prison terms” for two women “for their roles in orchestrating a mortgage fraud scheme to defraud Lehman Brothers Bank … of more than $14 million.” One of those women was Jamila Davis of Queens Village, NY who was sentenced by U.S. District Judge Jose L. Linares to 151 months (12.5 years) in prison after being convicted in a New Jersey federal court. Christie would say of these sentences, “This is a long prison sentence that appropriately matches the breadth and complexity of the fraud committed …” Emphasis added by me.

The fact is, Davis’s fraud was neither broad nor complex. She was involved in a circle including a real estate agent, a mortgage broker, a corrupt real estate attorney and straw buyers to get loans on seven (7) upscale New Jersey homes. While that looks like a crime now, it was a common practice in the late 90′s and early 2000′s when “straw buyers” were known as “investors” who were flipping real estate properties for big profits.

Read More at FORBES.